Answers (6)

One thing I would suggest is to make sure that you are pre-approved before you go out making offers on houses. Pre-approvals can sometimes be done in a couple of days, or even less, depending on your lender. It is important to get pre-approved before you make an offer because the seller will take your offer much more seriously compared to those who have not yet been pre-approved.

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My market is very competitive, what seems to work for me is to as they say "Put your money where your mouth is". Many of my buyers will have a pre-approval from a very reputable lender. Many banks will tell their buyer they need a minimum of 45 days to get a loan done. Unfortunately, thats too long. There are many lenders with in house underwriting that can do an FHA/VA/Conv loan and close in as little as 10 days. So step one, quick close and make the earnest non refundable after the inspection period. What this does is make your offer just as fast and competitive as an all cash deal. I also write a letter to the seller/listing agent to put a personal feel to help them put a face to the buyer and to speak to my track record of working with buyers who are willing to listen to my advice and are serious about buying. My buyer is a buyer and the sellers time will not be wasted. My last 5 buyers all had there first offer we wrote up accepted and most were multi offer situation and some we beat out all cash offers with similar sales price.

1) Make sure your offer is in writing and spells out all the terms such as if you need to get a mortgage and if so how much of a down payment you will be coming in with.

2) Make sure you have a pre-qualification letter or better yet a pre-approval letter from a mortgage banker.

3) Be prepared to show proof of income, assets and if you have good credit you should be willing and/or prepared to show you credit report (you can black out your social security numbers if need be).

4) Have an attorney ready and put your attorney's contact info on your offer as well.

5) If you are wanting or needing to have a physical inspection of the property, you have to do so before you sign a contract of sale (but after your offer is accepted). Have your inspector on the ready and do this ASAP if your offer is accepted.

6) Make sure you give your highest and best offer from the start. In many cases you will not have an opportunity to raise your offer at a later date, especially when it comes to a multiple offer situation.

If I had more details about your specific situation I can give you more input. Feel free to contact me any time if I can be of further assistance. Good luck!

I just had a similar situation with one of my clients. I think the best suggestion is to make sure your offer is clean and clear of conditions. Additionally, you have to ask yourself at what price your are willing to walk away and not be disappointed if you don't win the bidding war. If you offer beyond your comfort zone, you will be upset if you win. Good luck!

Determine what the property is worth to you and then offer that. If your offer is accepted than you paid what you believed it was worth and if you don't have the winning offer, it was more than you wanted to pay. Best wishes!!